Russell Investments NZ head of asset consulting, Andrew Johnson (known as AJ), will leave the business by the end of June.
It is understood Johnson’s exit was part of a global efficiency drive sparked by Russell’s relatively new private equity owners with staff cuts also in play across the Tasman.
A Russell spokesperson said: “We are aligning and integrating our firm globally to increase the focus on our growth strategy, and some roles and positions are impacted.
“Globally, it is a small reduction in positions, but we also expect our firm to grow and create new opportunities as we look to serve even more clients.”
US-based private equity firms, Reverence Capital and TA Associates, bought Russell Investments late in 2015 from the London Stock Exchange for about US$1.15 billion.
Johnson joined Russell as a senior consultant in 2009 before taking on the top asset consulting role in 2014. He serviced a range of wholesale clients including direct consulting responsibilities for “Crown financial institutions, community trusts and superannuation schemes”, according to Linkedin.
Previously, Johnson spent about eight years at AMP Capital first as relationship manager then as head of relationship management from 2006-2009.
He also served in similar roles with ANZ and Westpac investment arms dating back to 1994.
Earlier this month Russell US appointed Gene Raffone as global chief human resources officer, granting him a “broad mandate” and direct reporting lines to new CEO, Michelle Seitz.
Seitz, who took on the top Russell job last September, was in NZ earlier this year at the group’s annual conference.
In a statement following Raffone’s appointment, Seitz said: “As a firm, our culture and our people have always been a differentiator, and as we look to the path of transformation and growth ahead, our stand-out talent will be ever more critical to our long-term success.”
“Gene [Raffone] brings to our executive leadership team a global perspective, analytical rigor and a track record of building high performance teams across organizations. His addition will allow us to chart new opportunities for our firm, and importantly, our associates globally.”
Prior to joining Russell, Raffone spent about five years at global professional services firm, Navigant, where the statement says he: “… led change initiatives focused on reengineering processes to support globally scalable business solutions, and the creation of human resources centers of excellence and shared services.”
As at the end of March, Russell reported global assets under management of just under US$300 billion.
The group’s part-owner, TA Associates, also holds about a quarter of Fisher Funds Management in a joint venture deal with the TSB Community Trust.